7-Stages in New Product Development Process:
1) Generate New Ideas:
Develop Systems that Promote “Expression of New Ideas within Organisation, or by Customers or by Dealers.” e.g. Special Market Campaign (Pre-Launch & Launching as well as Post Launch) by any Software-Company, or a Detergent Powder, a Beauty Cream or a Weight Loss Product,
2) Screen Ideas:
Evaluate New Ideas for further Study, based on Experience, Judgement & Market-Research Data.
3) Business Analysis:
a) Identify Features,
b) Estimate the Demand, Competition, Profitability, etc;
c) Establish the Project-Team as per Requirement,
4) Prototype Development:
Internal Testing, & Trouble – Shooting, etc;
5) Test Marketing:
External Testing to the Selected Customers’ Segments,
6) Commercialisation:
Full Scale Production, as Required & Estimated,
7) Diffusion Process:
The Process by which an INNOVATION gets Accepted & Spreads, throughout the Social -System over a passage of time is called ‘DIFFUSION’.
Understanding of ADOPTION as well as DIFFUSION-Processes help Companies to DETERMINE, if Product will be ACCEPTED or REJECTED!
